$AKBA
Akebia Therapeutics, Inc.

2015 Q3 Form 10-Q Financial Statement

#000156459015010025 Filed on November 09, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $0.00 $180.0K
YoY Change -100.0% -24.37%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.900M $2.900M
YoY Change 34.48% 262.5%
% of Gross Profit
Research & Development $15.80M $6.648M
YoY Change 137.67% 105.19%
% of Gross Profit
Depreciation & Amortization $40.00K $13.19K
YoY Change 203.19% 50642.31%
% of Gross Profit
Operating Expenses $19.68M $9.584M
YoY Change 105.32% 137.58%
Operating Profit -$19.68M -$9.584M
YoY Change 105.32% 137.58%
Interest Expense $100.0K $100.0K
YoY Change 0.0%
% of Operating Profit
Other Income/Expense, Net $203.0K $236.0K
YoY Change -13.98% -11.28%
Pretax Income -$19.50M -$9.300M
YoY Change 109.68% 144.74%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$19.48M -$9.348M
YoY Change 108.33% 148.09%
Net Earnings / Revenue -5193.33%
Basic Earnings Per Share
Diluted Earnings Per Share -$677.1K -$472.1K
COMMON SHARES
Basic Shares Outstanding 28.88M 20.26M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $157.5M $77.00M
YoY Change 104.54% 104.25%
Cash & Equivalents $66.70M $49.67M
Short-Term Investments $39.78M $27.33M
Other Short-Term Assets $1.300M $1.400M
YoY Change -7.14% 133.33%
Inventory
Prepaid Expenses
Receivables $0.00 $57.00K
Other Receivables $0.00 $0.00
Total Short-Term Assets $158.8M $119.8M
YoY Change 32.55% 211.17%
LONG-TERM ASSETS
Property, Plant & Equipment $500.0K $200.0K
YoY Change 150.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $300.0K $100.0K
YoY Change 200.0%
Total Long-Term Assets $800.0K $400.0K
YoY Change 100.0%
TOTAL ASSETS
Total Short-Term Assets $158.8M $119.8M
Total Long-Term Assets $800.0K $400.0K
Total Assets $159.6M $120.2M
YoY Change 32.78% 212.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.300M $3.000M
YoY Change 76.67% 50.0%
Accrued Expenses $8.900M $3.500M
YoY Change 154.29% 288.89%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.20M $6.500M
YoY Change 118.46% 124.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $14.20M $6.500M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $14.20M $6.600M
YoY Change 115.15% 127.59%
SHAREHOLDERS EQUITY
Retained Earnings -$90.30M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $79.00K
YoY Change
Treasury Stock Shares $2.553K
Shareholders Equity $145.4M $113.6M
YoY Change
Total Liabilities & Shareholders Equity $159.6M $120.2M
YoY Change 32.81% 212.13%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$19.48M -$9.348M
YoY Change 108.33% 148.09%
Depreciation, Depletion And Amortization $40.00K $13.19K
YoY Change 203.19% 50642.31%
Cash From Operating Activities -$9.040M -$5.600M
YoY Change 61.43% 91.13%
INVESTING ACTIVITIES
Capital Expenditures -$110.0K -$40.00K
YoY Change 175.0% 300.0%
Acquisitions
YoY Change
Other Investing Activities -$14.34M -$39.96M
YoY Change -64.11% 203.88%
Cash From Investing Activities -$14.46M -$40.00M
YoY Change -63.85% 203.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 13.95M -120.0K
YoY Change -11725.0% 200.0%
NET CHANGE
Cash From Operating Activities -9.040M -5.600M
Cash From Investing Activities -14.46M -40.00M
Cash From Financing Activities 13.95M -120.0K
Net Change In Cash -9.550M -45.72M
YoY Change -79.11% 183.45%
FREE CASH FLOW
Cash From Operating Activities -$9.040M -$5.600M
Capital Expenditures -$110.0K -$40.00K
Free Cash Flow -$8.930M -$5.560M
YoY Change 60.61% 90.41%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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akba Assets Acquired Under Capital Leases
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CY2014Q3 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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akba Defined Contribution Plan Employees Age To Be Eligible Under Plan
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us-gaap Use Of Estimates
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<div> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these condensed consolidated financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including: expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: percent complete for clinical accruals, stock-based compensation expense, fair value of common stock and preferred stock and the Company&#8217;s other equity instruments (in periods prior to the IPO), accrued expenses, prepaid expenses and income taxes. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Prior to the IPO, the Company utilized significant estimates and assumptions in determining the fair value of its common stock. The Company granted stock options at exercise prices not less than the fair market value of its common stock as determined by the Board of Directors contemporaneously at the date such grants were made, with input from management. Prior to the Company&#8217;s IPO in March&#160;2014, the fair value of common stock at the grant date was adjusted in connection with the Company&#8217;s retrospective fair value assessment for financial reporting purposes. Accordingly, the Board of Directors determined the estimated fair value of the Company&#8217;s common stock based on a number of objective and subjective factors, including external market conditions affecting the biotechnology industry sector and the prices at which the Company sold shares of preferred stock, the superior rights and preferences of securities senior to the Company&#8217;s common stock at the time and the likelihood of achieving a liquidity event, such as an IPO or sale of the Company.&nbsp;&nbsp;</p></div>
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CY2014Q1 us-gaap Preferred Stock Shares Authorized
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CY2014Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
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dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2007-02-27
us-gaap Number Of Operating Segments
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us-gaap Revenues
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akba Severance Agreement Description
SeveranceAgreementDescription
In August 2014, the Company entered into a separation agreement with an employee, which became effective on August 13, 2014. The Company will record the expense and liability associated with the separation agreement ratably over the period from August 5, 2014 through December 31, 2015 because the severance payments are subject to continued service and forfeiture until December 31, 2015. During the third quarter of 2014, the Company recorded severance expense in the amount of $46,682, which was recorded to research and development expense and will be paid out beginning January 2015 through December 2015.
CY2015Q3 us-gaap Income Tax Expense Benefit
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Files In Submission

Name View Source Status
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